Goldman says investors may limit stock purchases due to risk of a 2nd wave of coronavirus cases and the 2020 presidential election
Investors may limit stock purchases going forward as risks of a second wave of coronavirus cases mount and the November 2020 election swiftly approaches, according to David Kostin, Goldman Sachs head of US equity strategy.
The S&P 500 has rebounded from March lows and is only about 9% away from February highs. While there is some additional room for equity prices to rise, there's only"modest upside risk," according to the Friday note. "Periods of elevated policy uncertainty have generally coincided with lower-than-average equity allocations during the past 30 years," said Kostin.
Goldman Sachs thinks that the S&P 500 will trade in a range of 2,750 to 3,200 for the rest of 2020, signaling about 3% upside at most from current levels. Goldman's year-end S&P 500 target remains 3,000.The recent historic rally from March lows may be limited as investors weigh the potential risk of a viral second wave and the swiftly approaching 2020 presidential election, according to Goldman Sachs.
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